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Shocking Charts And Statistics That Prove That America Is No Longer A Wealthy Nation

By Michael Snyder, on December 9th, 2011

How do you decide whether you are wealthy or not? Do you determine that by how much money you spend at the stores? Of course not. You can tell if you are wealthy or not by comparing your assets (the money in your bank account, equity in your home, etc.) to your liabilities (your mortgage, credit card debt, student loan debt, etc.). Well, a lot of Americans seem to believe that just because a lot of money is circulating in our economy that it must mean that we are a wealthy nation. But that is simply not true. To tell whether or not America is a wealthy nation, you need to look at the balance sheet numbers. And when you look at the balance sheet numbers, a very sobering story emerges. Over the past three decades, government debt, business debt and household debt have absolutely exploded, but our assets have not. That means that we are getting poorer as a nation. Hopefully the shocking charts and statistics in this article will help a lot of Americans to wake up. Yes, we once were the wealthiest nation on earth, but today America is no longer a wealthy nation.

Household Wealth

We live during a time when U.S. households are becoming poorer. This week the Federal Reserve announced that the total net worth of U.S. households declined by 4.1 percent in the 3rd quarter of 2011 alone.

That is a staggering decline. The total net worth of U.S. households plummeted by $2.2 trillion during those three months. When you break that down, it comes to approximately $7,800 for every single U.S. citizen.

But this is not the first time we have seen a huge decline in U.S. household wealth in recent years.

A recent article posted on CNN detailed the stunning drop in U.S. household wealth that we saw from 2007 to 2009….

Household wealth plunged $16.3 trillion in the two years from early 2007 to the first quarter of 2009, and has slowly been climbing since then. But with the drop in the third quarter of this year, households find their net worth still $9.4 trillion, or 14%, below the high they hit in early 2007, before the bursting of the housing bubble.

So right now the total net worth of U.S. households is $9.4 trillion below what it was back in 2007.

That certainly is not good news.

But not only is the total net worth of U.S. households going down, our incomes are going down as well.

Since December 2007, median household income in the United States has declined by a total of 6.8% once you account for inflation.

Not that incomes were rising very quickly prior to that time either.

Between 1979 and 2007, income growth for the bottom 90 percent of all U.S. income earners was only about 5 percent for that entire time period.

Meanwhile, household debt was absolutely skyrocketing. Take a look at the following chart which shows what total U.S. household debt has done over the last three decades….

So income growth has been pretty much flat over the past three decades but household debt has been rising at an exponential pace for most of that time.

Yes, there has been a little bit of deleveraging during this economic downturn, but there are now signs that the deleveraging is rapidly coming to an end.

According to a recent CNN article, credit card use in the United States is experiencing a major upswing once again….

Purchases made with credit cards rose 8.2% in the first quarter of 2011, 9% in the second quarter and 10.6% in the third quarter, according to First Data.

That is not good news.

The truth is that U.S. households owe way, way too much money already. According to a recent study conducted by the BlackRock Investment Institute, the ratio of household debt to personal income in the United States is now 154 percent.

We are up to our eyeballs in debt, and our incomes are not keeping up.

In addition, we have seen massive amounts of home equity wiped out in recent years.

An unusual thing has happened during this economic downturn. For the first time in U.S. history, the banks have more equity in our homes than we do. If you do not believe this, just check out this chart.

The truth is that the American people are not becoming wealthier. They are becoming poorer.

And a shocking number of Americans are falling into poverty. In 2010, 2.6 million more Americans fell into poverty, which set a new all-time record for a single year.

But this is not a new thing. This is a trend that we have seen building for many years. Back in the year 2000, 11.3% of all Americans were living in poverty. Today, 15.1% of all Americans are living in poverty.

So obviously U.S. households are not doing well.

But what about the government?

Government Debt

The U.S. national debt is completely and totally out of control. Right now it is sitting at $15,046,397,725,405.16. That means that it is nearly 15 times higher than it was just 30 years ago. Just check out this almost unbelievable chart….

So is our ability to pay these debts 15 times greater than it was back then?

Of course not.

Our liabilities are exploding at an out of control rate but our assets are not.

Whether you are a running a family or running a government, that is a recipe for financial disaster.

The U.S. government has been running budget deficits of over a trillion dollars for several years now, and there is no sign that these trillion dollar deficits are going to stop any time soon.

So how much money is a trillion dollars?

If right this moment you went out and started spending one dollar every single second, it would take you more than 31,000 years to spend one trillion dollars.

Yet somehow the U.S. government has accumulated a debt that is well over 15 trillion dollars.

The Bush administration was a nightmare when it came to running up debt, but they have definitely been outclassed by the Obama administration….

*Since Barack Obama was sworn in, the share of the national debt per household has increased by $35,835.

And most U.S. government spending does not do a thing to build real wealth for this country. For example, the total compensation that the federal government workforce brought in during 2010 is estimated to be about 447 billion dollars.

So did federal workers create 447 billion dollars of real wealth last year?

Of course not.

The truth is that our bloated federal government is a massive drain on our society.

But the federal government is not the only one with a debt problem.

State and local governments all over America are also drowning in debt. In fact, state and local government debt in America is now sitting at an all-time high of 22 percent of U.S. GDP.

Total Debt

The following chart from the Federal Reserve combines government debt, business debt and consumer debt. As you can see, America is swimming in an ocean of more than 50 trillion dollars of debt….

To get an idea of how bad that is, just look at where total debt was at back in 1970 or 1980.

Over the last three decades we have seen an orgy of debt that has been absolutely unprecedented.

Meanwhile, we are bleeding national wealth at a staggering rate.

Every single month, tens of billions of dollars more goes out of this country than comes into it.

This represents a transfer of wealth that is so vast that it is almost impossible to believe.

Our dependence on foreign oil is greatly contributing to this. It is being projected that for the first time ever, the OPEC nations are going to bring in over a trillion dollars from exporting oil this year. Their biggest customer is the United States.

When we send hundreds of billions of dollars overseas, that is hundreds of billions of dollars that does not go into the pockets of American business owners or American workers.

For a moment, imagine a giant map of the world. Then imagine a pile of 7.5 trillion dollars sitting on the United States of America.

That looks pretty good, eh?

Well, then start taking big chunks of that money and start exchanging it for oil and for cheap plastic products until the entire pile is gone.

Are you starting to understand?

We burn up the foreign oil in our cars and most of the cheap plastic products end up being discarded fairly quickly.

But our loss of national wealth is permanent.

Meanwhile, we are facing national financial obligations in the years ahead that are absolutely nightmarish.

According to Boston University Professor Laurence J. Kotlikoff, the U.S. government is facing a “fiscal gap” of $211 trillion in the decades ahead. The following comes from an article that Kotlikoff wrote for CNN earlier this year….

The government’s total indebtedness — its fiscal gap — now stands at $211 trillion, by my arithmetic. The fiscal gap is the difference, measured in present value, between all projected future spending obligations — including our huge defense expenditures and massive entitlement programs, as well as making interest and principal payments on the official debt — and all projected future taxes.

If you went out and liquidated all of the assets owned by all American citizens, all U.S. businesses and all levels of government in America, it would only cover about a third of that bill.

Are you starting to get the picture?

America is no longer a wealthy nation.

We are like that family down the street that is always throwing around tons of money but that is always on the verge of bankruptcy.

So when they tell you that the economy “grew” by 1 or 2 percent, please don’t think that means that America is becoming wealthier.

The truth is that our debts are growing at a far, far faster rate than our assets are.

We are indeed a much poorer nation than we were 30 or 40 years ago. But the people can’t seem to let go of their standard of living, or cut their lifestyle. If anything, we are more materialistic than ever.

People stand in line for XBoxes, iPads and other gadgets, while their next door neighbors are struggling on food stamps and are barely able to feed themselves and their families. What hyprocrisy!

It’s all an illusion. Your “wealthy” neighbors are buying those electronic gadgets using their credit cards. In January or February, the bills will come due. Hopefully they will have the financial means to pay them.

Those poor mobs on Black Friday didn’t think about inflation, nor the price of precious metals, or the $15 trillion in debt our federal government owes. To the masses, that’s irrelevant.

And why is that? Well, they seem to be programmed to “buy, buy, buy!” Perky commercials with happy people gathered around a Christmas tree, as the kids unwrap and open their Walmart treasures, and Mom and Dad check their credit card statements (oops, ignore that last part).

But hey, we can at least feel good as we go broke en masse. The mass media has done their job very well.

ScoutMotto

All good points.

One EMP blasts from our enemy, and all those gadgets the shoppers beat each other up over will be rendered junk. The illusion will be shattered one way or another.

The only “buy, buy, buy” people should be doing now is precious metals, ammo, food, survival supplies. Maybe get clothes or other needed items while the federal reserve note still buys things.

Highspeed

I personaly believe that it your kind of thinking that has helped us to lose our way.

Highspeed

Scout motto,
My lasr post was intended for Its the economy stupid, who said, “This religion stuff is getting old. We have real problems in this country. Singing and praying to an imaginary man will not solve the problems.”

I don’t know how I responded your post, Because I was reading further down. I happen to agree with you.

Mainuh1

+1

The sheeple still don’t have a clue. But now all preppers are classified as terrorists because only independent thinkers are a threat to TPTB. Keep your stuff safe.

Golden Child

Well this is what happens when the America people, year after year, allow corporations and the government to be their pimp. We work hard and all corporations and the government do is take from us. Sure, corporations give us overpriced cheap foreign made crap we don’t need and mass-produced unhealthy food that makes us obese. But the truth is that Nike, Walmart and Ralph Lauren are sitting pretty on billions of dollars while exploiting slave labor while America is producing much less as a nation compared to 60 years ago. You can’t produce wealth if your country creates nothing. “Ideas” alone aren’t putting dollars into the pockets of millions of average Americans. Ideas made a few select people people like Mark Zuckerburg and Steve Jobs rich, but not the average American who should be working and producing.

r.bitting

The day of Americas watchman has come, and you will not run from it. ” Why do the nations rage and the people plot in vain? The kings of the earth set themselves, and the rulers take counsel together, against the Lord and against his anointed saying.. Let us break their bonds in pieces and cast away their cords from us. He who sits in the heavens shall laugh, The lord shall hold them in derision, then he shall speak to them in his wrath, and distress them in his deep displeasure. Yet I have set my king on my holy hill of Zion ( Christ ). I will declare the decree , the Lord has said to me, you are my Son, today I have begotten you. Ask of me and I will give you the nations as an inheritance, and the ends of the earth as a possession. You shall break them. You shall break them with a rod of iron, you shall dash them to pieces like a potters vessel. Now, therefore, be wise, oh kings, Be instructed you judges of the earth. Serve the Lord with fear and rejoice with trembling. Kiss the Son ( Christ ) lest he be angry, and you perish in the way, when his wrath is kindled but a little. BLESSED ARE ALL THOSE WHO PUT THEIR TRUST IN HIM “….. Psalm 2… Better wake up to the truth people.

Its the economy stupid

This religion stuff is getting old. We have real problems in this country. Singing and praying to an imaginary man will not solve the problems.

Nella Rogers

He is not imaginary and we are today where we are because of what that post before you says. Returning to him will solve the problem.

Highspeed

Agree 100 % Nella.

Mario

My friend, you are wrong.
This imaginary man you call is the Creartor of all you see, the one who gives you your every breath.
As far as I see it no one has a solution to the problems at hand, when you hit bottom look up……..God is still there and if we humble ourselves before Him and confess our sin He will forgive and provide a way out. He has done it before and He will do it again but we must first come to Him. It can’t hurt to try, what have we got to lose? Your life will never be the same, mine wasn’t.
Our only hope is in Jesus..
Give all glory to God.

Gary2

I agree it add nothing to the conversation. If praying helped I would be rich!

mr sane

the truth is ( anti-Christian bigots get ready to wet yourselves )…the truth is, moral depravity is what is weakening our culture, and yes that includes moral depravity of greed-soaked investment houses and banks, the moral depravity of liberals, the moral depravity of selfishness, and the moral depravity of pride and rebellion. the ‘religion stuff’ IS getting old, the solution is a return to authentic Christian values and mores, you know, the kind of thing the depraved cannot admit to themselves that this country was built upon. authentic Christianity is not some ‘religious game’ ( of which there are far too many of ). there is far too much phony religion, there is precious little authentic Christianity. which is desperately needed. period.

Nickelthrower

Really? How can that be? The prisons and the military are full (nearly 100%) of “believers” yet it didn’t stop them from committing crimes or enlisting in an organization that murders other humans beings.

As Voltaire said: In order to commit an atrocity, one must first believe in absurdities.

Old Man

The whole point of religion is to sing and pray to imaginary ideas and messiahs. Religion has been around for a very long time. It does not matter all these gods are fake or invented by man. What matters is people believe in them, and thus make them real in their minds. That’s the big difference between human and animals. Animals is all about survival in the real world. Humans, after they have conquered their basic survival some 10,000 years ago, have been engaged in surreal survival since. Engaged in endless holy wars since. Pray enough, worship enough of their gods (and there are hundreds of them throughout the ages) and these worshipers will convinced themselves of certain survival. In their minds that is. There is no point in argument. Worshipers will pray until starved to death, and still call it survival, in heaven that is.

r.bitting

Old man…. This may well be the most ridiculous post I’ve ever read. You are about to find out how REAL, Jesus Christ is. But you keep mocking God while you prep. The only prepping your doing, is prepping to meet your maker on bad terms. May God grant you eyes to see.

TX4Life

Can a child in the womb imagine green grass, trees, butterflies, bike rides, picnics, zoos, etc? No. Because all they know is what they are physically experiencing on their side of the womb. Could you convince them? They would have to have faith that more existed than just what they know right now inside the womb. If they refused to have faith, would it make those things any less real? Or would they just have to wait until they are on the other side of the womb to fully realize the existence of those things? The difference is, the rule for getting to heaven is that you must have faith that Jesus Christ is the Son of God. Period. No faith, no heaven for you.

justamom

Michael,
Thanks for this blog! You have helped to open my eyes to the need to pay attention to my neighbors, some of whom may be slipping into poverty even this Christmas.
There are 2 families who live close to me who share this vision, and we are purposely reaching out to our neighbors over the next few weeks. We are hoping to meet them and share the love of Jesus Christ (along with a few home baked Christmas goodies) as we “resurrect” an old tradition of Christmas caroling. It will take 3 nights to reach all 27 homes on our mountain, but we are willing to bake and sing and brave the cold in hopes of stronger friendships and future opportunities to help our neighbors.
Thanks again, Michael. I pray that others will use this season of the year to reach out in the name of the Lord Jesus Christ who was born to be the Savior of the World.

Michael

justamom:

I salute you for trying to reach out to those around you. Most Christians do not really ever do much to actively share the love of Jesus Christ.

The number one characteristic of all Christians should be love. I know that I need to develop more love in my own life.

Michael

REED RICHARDS

Michael,

Love? Love you say? Don’t make me laugh. I would say that when people learn to reject WAR as a means to an end and stop looking at all others who are different than them as “THREATS” then maybe, just maybe, that “love” can possibly shine through.

http://EconomicCollapse Already Gone

there may be alot of poor people out there including
me but in different ways we are wealthy, we have family,friends and god. personal wealth is a small part of what goes on in life. a person should not let wealth control or consume them because eventually greed will destoy them. the meek shall inherit the earth.

REED RICHARDS

Already Gone,

If there is anything left of the Earth to inherit………….

Remember, in survival of the fittest, the MEEK are always the first to DIE………….

Gary2

To all the people that scream socialism at anything they don’t like you need to stop being so intellectually lazy.

The Scandinavian countries are way more socialist than the USA and are beating us in almost every measure. (not my opinion-facts-Google for yourself)

If we want what they have we need to do what they do.

To the inevitable low information dolt who will tell me to move their I want this country-my country to be more like them. Clearly our form of capitalism is no longer working for the vast majority such that even right winger like Frank Lutz no longer want the right to say capitalism as -his words-most people think capitalism is a corrupt system (it is)

nowwthen

I will continue to object to socialism in every form because it, along with it’s eventual evolution into communism, has been proven time and again to lead to oppression and human suffering. China, Cuba, the failed USSR, North Korea, East Germany, angola, Peoples republic of the Congo, – how happy are the people in those places or were they before their collapse? Germany is the only really healthy European economy and that’s all of Germany now that the Berlin wall is history.

You want to talk about lazy? Socialists are the very embodiment of intellectual, physical, emotional, moral and social laziness. You, for example, mention ‘Scandinavian countries’ and state that they are beating us in almost every measure. You don’t even make the effort of providing one example.

In your next post you accuse the author of perpetuating a myth. You back this up by saying “we are very wealthy (fact, not my opinion)”. Once again you prove your intellectual laziness. Michael provides charts and cites specific research to back up his FACTS and you provide us with “fact, not my opinion” as if that means anything to anyone who is a regular reader of your contributions to this board.

Now here’s something for you to ponder. You nearly always disagree with much of the information in the Economic collapse blog. On the other hand, I, and it seems a majority of other regular visitors, read these articles to become more informed and usually are in agreement with the author’s editorial leanings. I don’t know how many others do this but I have to confess that I always seek out the Cookie Monster icon to indulge in the guilty pleasure of amusement at the nonsense presented by the poster it represents. Yes Gary, you are one of the reasons that people who disagree with you come here to reinforce our capitalistic (as opposed to corporatistic), Christian and traditional American beliefs. Do you see the irony?

Gary2

Everyone is entitled to their own opinion, however, not their own facts.

I did say that you can easily Google how the Scandinavian countries are cleaning our clock.

I would rather you look for yourself as any example I give will be suspect due to your biases.

No one ever said ANYTHING about North Korea etc. It is you right wing low information people who automatically equate socialism with communism when they are light years apart. Please turn off Fox.

Again I can provide all the charts that say we are a very wealthy nation but that the wealth is concentrated in the hands of the top 1%. This is what OWS is about. I would think that this is common knowledge, however, again you simply need to Google for yourself as you will not believe me.

Michael is very right wing biased and tends to “preach to the choir on this site and his other”. There is nothing wrong with this but I am just pointing it out.

Gary2

I almost forgot-don’t always look at what Michael says, look instead at what he doesn’t say. Example-going on and on about poor people getting government assistance with hardly a mention of the corporate welfare that is costing a ton more than any handout to the poor.

He will mention corporate welfare in passing but compare the proportion of poor bashing vs. corporate welfare coverage and you will see what I mean. Again I say to look at the magnitude-corporate welfare is thousands of times bigger than welfare for the poor but look at how often he talks about the poor vs. the corporations sucking at the gov teat. Do not take my word, simply look at his past posts. I did and this backs up what I said.

Michael-are you listening?

Nickelthrower

You forgot to mention that Michael also stated that the US is OPEC’s biggest client but that isn’t true. Our number 1 supplier of oil is Canada which is followed by Mexico and then Saudi Arabia.

The US only purchases 20% of Saudi Arabia’s oil so we can not be OPEC’s biggest customer.

Very good points – I agree that gary2 is a windbag & if he dislikes freedom & the rights of citizens then let him move to a ‘redistribute the wealth’ country that will take away his rights, pay, etc.

It funny how these armchair geniuses who are pushing for socialism have NEVER lived in that type of country nor do they put in the effort to move there.

Gary is just a windbag that has no idea of how precious his rights are & the liberty we have in the U.S.

Oh well.

Ben Dover

We are providing their national defense. Let USA crash and see how long it will take for their neighbors to find a reason to annex them.

TX4Life

No thanks. I’ve seen those small apartments Scandinavians must live in, in order to pay their high taxes. No thank you very much. The only thing we need from across the ponds is our jobs back. And maybe to close our stores on Sundays like they do so families can spend more time together.

Gary2

Michael-you are perpetuating the myth America is not wealthy-We are very wealthy (fact, not my opinion) Its just that the wealth is horded by the top 1% and is not distributed in anything resembling fair. You have to know this.

A simple look at per capita incomes will show this.

REED RICHARDS

Gary2,

ENDLESS MONEY PRINTING DOES NOT EQUATE TO TRUE WEALTH:

If the by-product of a non-stop printing press was a true indication of wealth, Zimbabwe would be the richest nation on the planet. Current trends truly show amerika and amerikans as being a morally depraved, dumbed down, and ocwardly populace that has been beaten into submission.

Please, oh Please, sexually assault me, my wife and kids before we get onto this airplane? And I am too scared and too stupid to worry about indefinite detention without charge or trial.

Who’s being intellectually lazy now…………?

Gary2

I NEVER said endless money printing. That is your fox news bias not anything I said. The money is already printed its just in the hands of the 1%.

REED RICHARDS

Gary2,

Personally, I don’t watch Faux News. Try another fishing expedition. The below phrase, by your own admission, proves it is about endless money printing…………

Simply shifting fraudulent and unpayable debt from one sucker segment of the population to another does not an economy make…….

“The money is already printed its just in the hands of the 1%.”

ironmaan

Your math is off, and you ignore the premise of the article, the national debt. We are NOT wealthy. The top 1% could not cover a 211 trillion dollar national debt. Not even close.

gary2

our debt is not 211 trillion. are you just making ********* up? Typical republican.

Ben Dover

There are surely people poorer than Gary2. Redistribute HIS wealth. The only people who push socialism/communism are the ones who think they will be either the recipients of the fruits of other’s labor or the ones running the whole scam.

Gary2

Since December 2007, median household income in the United States has declined by a total of 6.8% once you account for inflation.

How about we have stagnating profits and increasing wages? How many billions are companies sitting on?

http://www.youtube.com/safearmsreview SafeArmsReview

Putz

;p

Gary2

So income growth has been pretty much flat over the past three decades but household debt has been rising at an exponential pace for most of that time.

This is because wages have stagnated and people needed to by necessities such as food, utility bills, medical bills etc. This is a direct result of the wealth and income inequality.

This is the 99% OWS movement.

Glenn Peters

Well yes, there are fundamental flaws with the broad-brush approach taken. A very productive economy can and indeed is sustained by govt debt. Productive economies see surpluses saved and invested in govt bonds, which are liabilities to the govt but assets to the holders. Provided govts invest the bonds in productive enterprises or hard infrastructure, and can pay the interest from taxes and hopefully generate budget surpluses, no harm done. Remember that Australia paid down almost all its govt debt until its latest govt squandered it with ‘quantitative easing’ i.e sending everyone a check, which they used to pay down personal debt and buy plasma TVs. The Australian govt kept a small amount of debt to maintain some semblance of a bond market. So govt debt isn’t always bad, it just depends what it’s used for. Yes, I’m an economist.

michelle

our debts cannot be paid, that is clear. So they will not be paid. Their will, however, be hell to pay, when the pensions and other unfunded liabilities cannot be paid to the citizenry.

REED RICHARDS

michelle,

AMERIKANS MADE A DEAL WITH THE REPUBLICANS AND THE DEMOCRATS, I.E. THE PARTY OF SATAN:

Debts will be repaid or economic martial law austerity will be imposed in the most brutal fashion imaginable. How you may ask? Via the following measures: All assets, including Bank, Brokerage, and Stock accounts will be frozen and wiped out, current taxes will be raised, new, crippling taxes will be levied, and crushing fees and fines will all rise to astronomical heights. IN SHORT: YOU WILL PAY, ONE WAY OR ANOTHER…………

Amerika’s economic destruction clearly explains why you never make a deal with the devil, because the democrats and the republicans always come to collect…………

http://None Hans

The creditors are knocking on the door.
They want compensation and this time will not settle for dollars created out of thin air.
This debtor has continuously cheated them over the past few decades. The creditors have sold real goods in exchange for these dollars that are becoming worthless through inflation. They will not forget the CDS scams on subprime mortgages that was sold to them as AAA-rated “investments”. This debtor and its new Eurozone sidekick who tried the same game, have basically sabotaged the entire financial system.
Fortunately, these creditors who still have oil, commodities and/or a proper manufacturing base will eventually come through. As these parasite nations already allow the creditor nations to manufacture all that the parasites need, the creditors also now have the know-how to proceed on their own without these parasite nations. Once the hosts leave the scene, the parasites will die off soon enough.
When the system finally does collapse, just make sure you are not caught with a fistful of dollars while you really need water, food, shelter and weapons.

If you want to become more wealthy, you ned to ACCUMULATE wealth.
Keep what you have.
Add to what you have.
Maintain what you have.
Buy rather longlastig goods than throw away products.

William

Hey, Republicans, how did that unnecessary war of choice in Iraq based on LIES work out for you?? A TRILLION dollars, all borrowed, wasted.
Still funny?? Ask the 1 in 6 children in America that live in poverty, or are “food insecure”.

Pitchfork Ready

I don’t know–how did the 800 billion stimulus and crony union bail out for the country? We’re still over 8 percent unemployment and we’re far deeper in debt.

knightowl77

Blaming poverty on the war in Iraq that Hillary Clinton and John Kerry and a host of other Dems voted for, is foolish…Since Johnson and his “War on Poverty” we have spent more than $16 Trillion on anti-poverty programs here in this country. What did we get for that $16 TRILLION? Just more poverty….There are now more people in poverty than when Johnson began this foolishness…
I’m not arguing that the money spent in Iraq wasn’t wasted, I am simply saying spending another $Trillion dollars or two on poverty wouldn’t have helped..
So quit whining about the war in Iraq which is now over that BOTH sides voted for in the first place….Start whining about the next war that is about to be fought in Iran…

Gary2

without SSI the number of seniors in poverty would be way higher. With out medicaid for the poor infant mortality/mortality would be much higher. With out food stamps there would be way more people starving.

Simply think for a minute about how absurd your post is. It defies common sense.

More in poverty since Johnson-how much did the population grow? 100 million? You right wing low information people are are either dumber than a brick (probably this is the reason) or you are deliberately saying obviously wrong info in the hopes that if you keep repeating it it will become true?

Anyone with a shred of common sense would not even post what you did as it is so obviously incorrect. No wonder the country is in such trouble. Don’t they teach critical thinking skills?

REED RICHARDS

William,

Hey Will, how is that war in Libya that democrat Obama launched on his own without Congressional approval? Could have saved a few billion there. How is that 500 million that Obama gave to Sylondra working out for you? When will the Obama (In)Justice Department start prosecuting some of the renegade bankers, hedgefund managers and brokers? Jon Corzine in handcuffs anyone? How is protecting bankers and Wall Street working out for ya? Could have saved at least 16 trillion or more dollars if Obama and Holder were doing their jobs……..

The President of the Asylum States of Amerika can’t do what he proposes because he, like the co-equal branch Congress, is FULLY BOUGHT AND PAID FOR BY THE SAME CORPORATE, BANKING, MONIED INTERESTS……………

.

http://AllenClark.org Prepared Pastor

While certainly true, these statistics have nothing to do with individual responsibility. Live beneath your means whatever they may be. I did that when I earned minimum wage in the eighties, when I made an above average income, and I am doing that now that I am a stay at home dad. Save a little, sow a little, spend the rest. Investing just $1 a day during our working lives equals about $40,000 by middle age.

Half the world live on about $2.50 a day and so can you if you have to.

Cleo

The one asset the Govt can get without spending money is land and it’s mineral rights through the use of eminent domain. It shouldn’t be a problem either since we have the Kilo (sp?) decision and it would be for the good of the public.

That’s worrisome. I purchased most of my food for long term storage from the Mormons…..and I’m not a Mormon. But they have the right idea.

Rancher

If one is serious about whatever they preach or believe I first look at them and how they are dealing with it. Up front we do not go for the latest and greatest stuff. Can we afford it…you bet we can. Do we elect to…not a hope baby.

We have a cell phone. One with prepaid minutes for a year and not many either. Nothing else. I would not know and ipad from a bed pan so to speak. Doesn’t bother me a bit not to have some toy stuck in my ear as I walk around stores charging up junk.

By the way as far as debt goes…I hate it. We live by said commitments and are debt free and have been for many years. Sure it would be easy to go into debt if we elected to… but no thanks.

This Christmas is another low key event. We having nothing to prove to ourselves and especially anyone else. Santa lands on my roof this year and you can bet his fat Reindeer will be in my food locker right fast. I get my wife useful stuff as she knits me a neck gaiter and matching top cap. Useful and made in America at home.

Next summer if we are all still OK we will go fishing again… in our paid for boat.

One does not need to be successful in the eyes of others to be secure and safe. There will be a day coming soon where what successful means will take on a much more basic and primitive meaning.

Practice what you preach folks and good luck…you will need that and a whole bunch more.

Orange Jean

I love your idea of how to spend Christmas!
Please let your wife know (if she doesn’t already), there are some wonderful places where yarn is available produced in the US. I recently bought some lovely 2-ply wool from Beaverslide Dry Goods, up in Montana.

Their prices are reasonable ($8 or so, but for a very generous size skein and lots of colors). They raise their own sheep though they take it up to Canada for spinning (in an antique spinner), a short way down the road. It knits up nicely, I’ve gotten myself enough for a nice cozy sweater.

bsmith

Still quoting that silly old book? Boy are you going to be disappointed when the world fights the battle of Armageddon, and no Savior returns any time soon.

r.bitting

Not so brother, the meek shall inherit the earth.

gary2

I guess all you selfish repubes will be SOL and not inheriting anything but a lake of fire.

r.bitting

Gary 2, I’m not a republican. Unlike you I understand that the solution to the problem is’nt found in politics. I do know, however, that if you keep mocking The Almighty, it will not end well for you. Do not put the Lord your God to the test….

Kathy Smith

Yeah again r.bitting. It is hard to have all this information Micheal & watch as people go about their lives like everything is normal. I wish people would WAKE UP & realize there is a major crisis going on in this country. Keep up your good work. My husband & I read everyday. May you & yours have a Blessed Christmas.

MountainHome

It just continues to get worse for most of us and yet we don’t see it on a day-to-day basis. Great article!

$15 trillion in debt. Need we say anythubg beyond that? No one is wealthy when they owe, and we owe more than our entire economy will produce in 2012. Furthermore, what we will produce in 2012 will be substantially less than previous year’s thanks to the Telepropmpter Tyrants full scale war on the economy and the private sector that creates societal wealth.

http://lastdayrapture.blogspot.com/ TK

Syrin,

You are absolutely correct.

I wish it were possible to obtain a single amendmant to our Constitiution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution: I mean an additional article, taking from the Federal Government the power of borrowing.

Thomas Jefferson 1798

Rowell

Very good statistics and information here, as usual. I guess, the question here should be, what happens AFTER it all crashes? I mean the Euro is on life support with Merkel and Sarkozy administering CPR, the US debt is mind-boggling while Congress is completely dysfunctional. There’s even talk about Russia and India starting to have some problems.

When everything starts breaking down, and the very fabric of American society is torn apart, what happens next? I know I’ve heard people talking about preparing; stock up on food, metals and ammo. Yes, there will be rioting, looting, anarchy….but how do we get past that? How do we rebuild? Better to start talking about it now, while we still have quick, global communication.

Mario

What’s next?
There’s a book that I have been consulting for direction in my life and to date it’s been correct, because of it I now have peace and joy no matter what is going on around me it’s like a safe harbor in the middle of a ragging storm. It’s call God’s word the Bible. Ask God to show you how to have this peace, it comes thru knowing His Son Jesus. Don’t get me wrong my life has not been a bed of roses, Jesus never promised that. Even in the harbor the boat still gets tossed around but is safe from sinking and serious damage. In the Bible God tells us that a some point in the future Jesus will return and told us what signs to look for that would announce his return. We will not know the day or hour but we will know the month or week.
It can’t hurt to just ask God to show you the truth.

El Pollo de Oro

Overall, this country is much worse off than it was when I was growing up in the 1960s and 1970s. No doubt about it. The 1% are doing better than ever, but so what? There is an ultra-wealthy minority in Bolivia, Guatemala, Papua New Guinea and a long list of other Third World banana republics. And with the American middle class being strangled more and more, that’s what this country has become: a Third World banana republic. Back in the 1950s, 1960s and 1970s, you had rich people and poor people in the USA—but mostly, you had a robust middle class, which is what separated the developed world (the USA and Canada, Western Europe, Australia and New Zealand, Japan) from the undeveloped world or Third World. The developed capitalist world didn’t eliminate poverty, but it reduced it.

Now that The Banana Republic of America (formerly the USA) has decided to join the Third World and kill off its middle class, poverty is skyrocketing here. And we can look forward to all the horrors that plague Third World countries: a crappy infrastructure, a lot of violent crime, lower life expectancy for most people, instability and unrest, shantytown slums galore. Ross Perot tried to warn us about the evils of globalism; too bad more Americans didn’t listen.

The future looks amazingly grim for The Banana Republic of America, where the nightmare will only get worse.

http://www,Back2theLand.com Old Timer

Considering all the people from 3rd world God Forsaken pits of dispair and flocking to get into the USA that tells me I do not want to immigrtate to their world, and we are still ahead of the pack.

Ultimately we will crumble – worse -. The current EURO scam of the countries therein to put all their money and GNP into another IMF master plan and be managed by a Central Master bank is mental illness. What goes on in Europe wil be that Bankers Hope offered to us. It is rather like the neighbors all pooling their resources and letting me run their lives.Talk about domination.

As far as the USA going to Hell in a Hand Basket – YES!. This has been going on, and I am begining rto think it was a planned event.

The young readers may not know that this Global Intergration was conceived way back in history – tried to a lessor extent in the 1920s and failed leading to the Great Deopression. However the fundamentals of capitalism is based on Keyesian economics that is out of date but it is so entrenched as a root to our system it can not be changed with out a complete and utter collapse.

We have fallen down a well hole and you can not climb back out.

I am still of the mind set that what we did 30 years ago in moving to the sticks was a wise choice, and we have had the time to build up our nest If you think this way, study hard on the subject but do not drag your feet – everything in change takes time.

Together We Stand Divided We Fall… There is a awesome vedio on youtube by cyber hero’s the vedio is called Anonymous- Message to the American People.

Thomas James

I really think that the debt we have is just too far gone. It can NEVER be fully paid. No amount of cuts to programs, decreases in spending or tax increases will EVER be able to pay it off. The country can only take so many “austerity measures.” I think the only solution is eventually to write the debt off and completely start from scratch. What the effects and consequences of this would be I have no idea….

Pastor Donald S. Eskine

25For whosoever will save his life shall lose it: and whosoever will lose his life for my sake shall find it. 26For what is a man profited, if he shall gain the whole world, and lose his own soul? or what shall a man give in exchange for his soul? 27For the Son of man shall come in the glory of his Father with his angels; and then he shall reward every man according to his works. Matt 16:25-27
THE KING IS COMING! KING JESUS

http://www.povertylinejournal.blogspot.com/ the optimist

What is also very concerning in this debt is the fire-sale of American hard assets that has happened and will continue to happen — public buildings, toll roads, etc. being sold to China (for example).

Antonio Gonzalez

Now we can go to Mars.

mondobeyondo

Yeah! We can all migrate to Mars and screw up that planet as well!

Steve

The true enemy in this world of economic chaos is a complex of banks-corporations-politicians-military men and employers. The BCEMP. Banks get rich by printing fiat money. Corporations get rich by fraud. Military men get rich by waging endless wars. Politicians get rich by obeying their financial masters. And employers get rich by automating all jobs. People of the Middle and Lower classes are being warred upon by the money monsters of the BCEMP who are creatures of greed. This conflict breeds civil unrest, violence and wars and has been going on for 4,000 years. The 99% demonstrations will not change anything. The Money Monsters destroys jobs, start wars and assasinate politicians for money and they are laughing at the 99% demonstrators.

Kathy Smith

Hey Micheal just heard om the radio from main stream media Europe can see a light @ the end of the black hole “ugh” I mean tunnel.

Michael

Kathy:

This “hope bubble” will be short-lived. The underlying problems have still not been addressed. I will write more about this next week probably.

Michael

Ben Dover

Too bad that light is an oncoming train’s headlight.

Cinderella Man JD

CNN did a story a day or so ago about people buying cheap Christmas lights and decking the house up so they look like they’re still doing good in this lousy economy. The story also talked about clothing retailers worried about getting people in the door to buy their goods. It turns out as I suspected, that most of the shopping was done during Black Death Friday and most people are tapped out for the rest of the month. See, I think even though credit card debt is creeping back up again, most people are not spending like the fools they once were a few years ago. I hope that the companies realize that it is not the American Consumer’s job to bail their ass out at the end of the year. They need to start making their products more affordable all year long, and not marking it up all the time. As for the example of Americans masking their poverty, our country itself is doing the same thing. Just because you are driving a late model car and have a 52 inch flat screen today, dosent mean that you wont be taking out a title loan and a pawn the next week. These are some real hard times. If we saved for Christmas during the summer, no credit card bill in January! Get it? No? Well best of luck to you, but dont be whining to me about tax the rich hard and class warfare when youre broke. You made you bed, lie in it. Stop being victims and pull yourselves back up. If I can do it so can you.

Mind Candy

One of the more frustrating things to me are the devout Christians who see what is going on and don’t care because – as one of my friends put it, “We won’t be here for the worst of it.” They’re content to prep for a few months to a year and make no plans beyond that because Jesus is going to come and save them.
Respecting another’s beliefs is all well and good but if I remember right, “No man knoweth the day or the hour” and these people are in for a rude awakening when it keeps getting worse and they’re still here.
Believe you’re going to escape the worst of it, sure. That’s what faith is. If it lets you sleep at night, more power to you.
You should still PLAN as if you don’t know when that might be, because you don’t.

Ben Dover

A lot of who are banking on delivery by rapture are going to really upset when they don’t go along for the ride.

If you fail to plan, plan to fail. Being a devout Christian doesn’t absolve you of personal responsibility.

Benny Netanyhow

“Ben Dover” Love it! BOHICA.

MarkD

This has been a argued point among Christians forever. When will Christ return pre-tribulation, mid-trib or post trib. I am with you. I am here as long as I am here. I will not let someone tell me when to be ready. As you said ” no man knoweth” I will prepare to die an old man, if Christ returns before then I’m out of here. I must agree anything else, to me would be foolish. I think many will sit like sheep and be slaugtered, but I will not judge them nor call them stupid. They have every right to believe as they wish. You see I like every right to believe how I wish too and wouldn’t take it from others.

The international oligarchs decided to give 25% or so a handful of expensive toys and play constant propaganda (euphemized as “advertisements”) to convince them that anyone who can’t afford the toys is absolute scum. The plan worked perfectly: everyone is so worried about being “middle class” that they don’t notice that the world is headed straight to Hell.

Don Levit

Michael:
I thought your charts on the explosion of debt since the 1970s was very powerful.
How were we able to be p[roductive before the 1980s, without producing so much debt?
What would our growth have looked like with substantially less debt over the last 30 years?
I posted this information on pragcap.com.
I had one reply which was this:
The notion of U.S. federal debt after Bretton-Woods was droppped, completely changed. The charts are misleading at best. Debt shouldn’t be measured in absolute terms (to income for example) and should be inflation adjusted over such long time frames.
How might you and others reply to these statements?
Don Levit

Michael

Even adjusted for inflation, the charts would still be very frightening.

The truth is that debt has grown at a far, far faster rate than inflation has.

Michael

Newton

It is obvious at this point that a Fiat monetary
system can be injected into virtual perpetuity;
so long as it’s recipients still believe in it’s worth.

ALL of these other discussions are just so much B>S. – as long as the masses buy into it

It will be so !

Highspeed

Seriously it can’t go on much longer, heck I live in america and I have no faith in the dollar. How much debt is too much, that is the question someone will answer very soon.

Kevin2

We live well for one reason. We print our own money that is not only accepted but required for use around the world thereby allowing us to export inflation. Any challenge to the USD dominance is dealt with strongly up to using military force.

How long the system can be maintained in such a way is beyond me. A system based on force requires more and more force when it’s other merits run out. At that point it cannot be maintained forever.

Rancher

I see many folks talking about what is going on but so little about what they are doing about it. You know that is where the rubber meets and defeats the road… What are you doing about it. Right now at home. What have you done and are doing to weather the coming storms of life?

I for one have somewhat escaped from the alternate reality of believing in the Fake money and what it is worth. Stopped believing the current nations leadership will do what is truly needed to stop the madness. They are frozen to death with in action and arguing over how big a tiny response can be made to appear….

Everyday I drag myself further out of the Normalcy Bias bog which permeates this country and the citizens within it. It clings to me and us under the promise of hope and the best days are still ahead. Memories of the past hoping for them to come back again.

Sadly I believe the leaders of this country will be forced at some point to do the wrong thing again. The masses will suffer, some will weather it better… and you ask why other consider leaving to watch from a distance?

A word to the wise is sufficient.

http://EconomicCollapse Already Gone

reed richards, you need to get a life.

McKinley Morganfield

When you spend more than you make, you eventually go bankrupt. When you borrow what you can never repay, you eventually go bankrupt. For 30+ years we have encouraged debt and punished frugality. We reap what we sow. To every thing there is a season. Now is the time of bankruptcy. Sovereign states & individuals alike.

As individuals it is time to stop believing in what you don’t understand. Its time to stop blaming others simply because it is futile. Get your house in order. Darkness is in the forecast. Prep now or suffer later.

http://www.planorperish.com Gutter Economist

“To tell whether or not America is a wealthy nation, you need to look at the balance sheet numbers. “

And you have to look at all parts of America (not just households):

Households
Non profit organizations
Financial businesses
Non financial businesses
State and local government
Federal government
Total ?

Household net worth fell 4% to $57.4 trillion in the July-September quarter, according to a Federal Reserve report.

Corporations held a record $2.1 trillion in cash at the end of September.

The collective wealth of members of both houses of Congress rose 23.6 percent between 2008 and 2010.

“So when they tell you that the economy “grew” by 1 or 2 percent, please don’t think that means that America is becoming wealthier.”

Spot On – The US government treats debt expansion as GDP growth!

I WOULD LIKE TO SEE THE NET WORTH OF US MULTINATIONAL CORPORATIONS OVER THE PAST 10 YEARS.

Rancher

OK today I went to Cabela’s to pick up two pair of higher end water proof insulated boots. I hab pre tried them on but they needed to order a slight change up not in stock. Got home and opened the larger box. Not only were the new boots box made i china but the boots as well. Great boots but I just shipped more money overseas again. Another sign…

We have a local knife company Buck Knives near here. They came up from CA to Idaho with the promise to hire locals, make knives in America and got tax breaks and other perks here. Thing is they give away or provide knives to events around here and veterans events. Funny the sheathes are made in china as well as the knives which also say Buck Knives on them.

Again sold out. Like my wife and I say to each other anymore…we are all so screwed it ain’t even funny no more ;-(

Joe

I know I’m a lot poorer today as I make $16 an hour than I was over a decade ago when I made $10 an hour. Back then I could afford to eat out or take a fishing trip occasionally. Now I’m broke every payday and my family eats a lot of beans. My back’s against the wall and if prices continue to increase, I’ll be forced to implement my own austerity measures, such as cutting my sattelite tv and internet services. We live in constant fear that someone will get sick or get hurt or an appliance will break because that means more debt and more bills and more beans.

mondobeyondo

So, personal wealth is equivalent to the amount of money one has?

Hmmmm. At that rate, I would be a mighty wealthy guy if I lived in Zimbabwe in 2008. I coulda been a TRILLIONAIRE!! (in faux Marlon Brando voice, from “On The Waterfront”)

Fred

I have read many financial and economic articles over the last several years. I am not optimistic that the economy in the United States or Europe is going to improve. In my opinion, I believe the poverty rate will increase next year, the unemployment rate will move up again, the Eurozone agreement that was just agreed to will be a failure, the national debt will be 16 trillion dollars by the end of 2012, home prices will fall in 2012, more foreclosures for 2012, budget deficits at the State level will grow, illegal immigration will continue at a faster rate, corruption by corporations will increase as they misrepresent their financial condition in the coming months, and many other issues that will not improve either. If Israel and the United States launch an attack against Iran, then the turmoil will be compounded even more for the United States.
All of this is being brought to you by two political parties that have made a mess of domestic and foreign policies over the last 30 years. I am witnessing the end of a nation just like the collapse of the Roman Empire. America twenty years from now will be a pathetic third world country. Of course, I will have passed away before I see the final chapter because of my age.

Highspeed

That was a sad but pretty accurate description of our future.

Thanks Fred

Maria

Michael,

If anyone disagrees with you, they aren’t dealing with the reality of the situation.

America isn’t just broke. The entire financial system is basically a corpse on “bailout” life support. If it weren’t for all the QE going on, all credit would have disappeared years ago.

It is inconceivable that the world has allowed a secretive group of banks and corporations to build this much debt into the economic system….to control the majority of the world’s commodities and assets. And to control the taxpaying sheep through debt and fiat money.

As Jim Sinclair basically said today on King World News, the can has been kicked down a dead end road. There is no practical solution that we can implement because of the lack of courage in our politicians. The problem has gotten so bad that if we did try to make the necessary corrections, the system would totally implode. What’s done is done, and what will happen will happen.

Be prepared to take care of yourselves, folks. Without credit. Without a job. That is what it will come down to for at least half of us. Consider yourself blessed if it doesn’t happen to you.

Pray and prepare.

Tony N

Isn’t this in Direct Violation of USA State Commerce Laws under the US Constitution ?

the richest 57,000 ultra rich people in the USA have at least 7.9 trillion in wealth and income. gobal financial study done last week.

DO not EVER beleive the low information right wing when they say the stupid “you can take everything from the rich and it will not pay enough of the deficiet to matter”

I am proving them wrong. If we go after the richest 57,000 and continue from there it seems to me there is plenty of money at the top.

Michael-I guess this disproves your poor country arguement and supports me in saying all we need to do is tax the rich.

Everyone can simply Google this for yourselves to see I am correct. I am giving you facts, something those on the right are astonishingly free of.

Ben Dover

Gary2, you are a pathetic loser who obviously cannot get wealthy, so you want to take everything from everyone else. My three year old is more mature than you. Do the world a favor and don’t breed. Stop the madness.

nowwthen

Here’s what I hear Gary2 saying:

Hi,it’s me Gary (again). I like Sesame Street. I think socialism is the answer to all of our economic troubles but because my credibility is so ridiculously low you will never believe a word I say. So I have this great idea. Pretend you agree with me and Google stuff that makes me look like I know what I’m talking about. I’d do it myself and provide links but I need to make my rounds to leave my “tax the rich or we will bitch” message on lots of other sites. There is plenty of money for everyone. That’s a fact just look it up. I’m posting from work at the moment (see the small g in my name)? I have to drive home so you won’t be hearing from me for fifteen minutes or so but, in the meantime, remember higher taxes will solve everything.

Gary2 is funny!

Kevin2

gary2

We agree on some and disagree on other points. The debt including unfunded liabilities (and you must include them otherwise your cooking the books) is over 60 trillion

From USA TODAY

“The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for.”

The rich can pay the same rates they paid in the 1950s and 60s when the US boomed. It is not a cure all but only one item to do not the item to do. Wealth must be created again in the US.

Hangemhi

The U.S. Is by FAR the richest country in the world. Our economy is 3x to 4x China’s and we do it with 1/4th the population.

Yes, we are on the wrong track, and need fixing, but IMHO when we state that we are broke as a country it allows politicians to funnel the country’s wealth to the wealthiest of the wealthy right under our noses.

Once we realize we are wealthy, that Americans by and large do work hard, that welfare and entitlements are the result of malinvestment, not the malinvestment itself, we can begin to have an intelligent conversation about how to fix the economy and stop the grand theft of the working man’s labor and earnings into the pockets of the uber-wealthy.

We are redistributing wealth right now, and have for decades. But we’ve done it from 80% of americans to the top 0.1% (the rest of the top 1%, or bottom 0.9% of the top 1% are largely hard working highly intelligent or gifted people, and often not the problem). The real problem are people like the Koch brothers and their minions. They fund studies that “prove” that giving more wealth to the wealthy is good for you and I, and they coin phrases like “job creators” for people who largely do not create jobs.

Mark zuckerberg, Steve Jobs, Bill Gates and even Henry Ford were not rich when they started – they were gifted people who started in dorm rooms, Dad’s workshop, and/or the garage. Their grandkids will or have largely done nothing, and yet they will sit on untold wealth. Why on earth is the death tax $5M free when only 1.6% of Americans are gifted $100k or more???? Why on earth are cap gains taxed so low? Do we need to allow Zuckerberg and Gates to earn even more in hedge fund with ultra low taxes for those gains?

If we want to lower entitlements like food stamps, welfare and unemployment insurance – we need policies that create jobs – and more tax breaks for the rich do not create jobs. If they did we would have full employment since we have done thru 3 decades of lowering taxes for corporations and the wealthy. It hasn’t worked. When we lower taxes, other countries counter with their own lower taxes. When you give free money to wealthy people they stop working, and stop creating jobs. Lowering taxes for the wealthy is lose-lose for our economy and the average American.

uncurable wound

Go ARMY,Beat Navy!!!

http://www.thehomeforsurvival.com Survivor Mike

“By failing to prepare, you are preparing to fail.” – Ben Franklin

Be ready folks. Things will get worse and when it starts it WILL go quickly.

Gabrial Singh

all these comments remind me of…re-arranging the deck chairs on the titanic..all of you are incredibly clue-less and like the jesus freaks like to say, you will reap, what you have sown. you murdered the American Indians, and didnt shed a tear, who is going to shed a tear for you??

r.bitting

The Jesus freaks are right on more than just that point sir.

Benny Netanyhow

I didn’t murder anybody, but we did take in a Navajo foster daughter for a year, and actually treated her well. And I don’t know a single person that has murdered American Indians or anyone else – no, let me correct that. I do know one American soldier that truly did murder an Iraqi terrorist that had murdered his buddy a few days before. But I don’t know of any American Indians over there and therefore suspect that Iraqi wasn’t a transplanted American Indian, so I’m still on solid ground. I’ll be judged on my own sins, not Adam’s transgression, or some 1800s Europeans that thought the world belonged to them, thankyouverymuch.

“All of you”? Nice – a mass-application of hyperbolic hyperbole. C’mon back when you’ve got something substantive to add to the discussion.

“Jesus-freaks”? Wow, man how 1970s! Got any more modern terms to apply in your broad brush waste of words? (And r.bitting certainly got his comment on target!)

I actually suspect you’re above average in intelligence. Why not use it for something other than useless, meaningless pot-shots?

If I was to stoop to the condescendingly rude level of your post, I’d say I suspect your turban is wrapped too tight, causing brain spasms. But that’s just a very tentative theory, and I won’t engage in condescendingly rude behavior by actually asserting that as fact, thus avoiding sinking to your equivalent level of lowness. My personal preference is not to attack people based on their religion, sprinkled with other idiocies.

Wow, Michael… that is seriously beyond bizarre! I can’t imagine who would have decided such nonsense unless it was some city person. Almost everyone I ever knew living in the country has more than a week of food in storage on a regular basis. The same, even in cities, for most people I ever knew living in New England (… and I assume the same is similar in other places that get storms in winter). I’ve been in blizzards that kept us off streets for 2 weeks (Blizzard of 76), a wildfire that put the electricity out for 2 weeks and I know people both in NC and VA who said they were out of power for 2 weeks after Isabel. It’s just PRACTICAL to have some storage food and other items, even in your car!

My mom (not in the least political) taught me to make sure I keep at least a 2 week supply of food in the house at all times, just “in case”. We had 5 kids in the family, not at all rich (basic working class, my dad was a firefighter), but I would guess that normally we had at least 6 months worth of food, rotated and used. It’s just the way they shopped; we had a large freezer and a big pantry, both kept well stocked.

My dad was very frugal, having grown up in the Great Depression… and this was well before the “big box” stores, but he would often take advantage of sales and buy canned goods by the case. Sometimes odd things (which he liked, like figs, Queen Anne cherries & boysenberries… which he found at some cheap price during a trip South and brought back enough cases we had these things in storage for years, mostly he ate them). We’d only go to factory stores that had “seconds” for non-necessary food items like popsicles, ice cream and baked goods (just because there were those stores nearby). We also took advantage of seasonal “pick your own” fruit sales and would pick and freeze strawberries and blueberries every year. We also had two grape vines and apple, pear, plum and maple trees. We usually had some kind of garden, but not always.

I can’t imagine why someone would demonize such practical behavior. It also often saves you money, shopping 1-2 x month for years, you spend less on “emotional” items and it’s easier to keep to your shopping list.

Gary2

6 Members of Walton Family Have More Money Than 30% of Americans
There’s been a constant stream of headlines about the widening gap between rich and poor for months now, but this latest one is pretty remarkable.

And yet the right wing dolts still think the rich should pay less in taxes?

lets make 2012 the year of taxing the rich.

Gary2

AS we can SEE that Death Tax really hurt those Walton Kids . I love how we are told these people are who “earned” their wealth. Yes the Walton kids really earned that money .They managed to pick the right womb.

AS we can SEE that Death Tax really hurt those Walton Kids . I love how we are told these people are who “earned” their wealth. Yes the Walton kids really earned that money .They managed to pick the right womb.

I refuse to shop at Walmart for the simple reason that they cheat their
employees of decent wages, health care, retirement and use Third
World Contries slave labor to give them a very comfortable, rich living.

America was built on hard work, and nobody should get a free ride because mommy and daddy were loaded….”
Or just not allow mommy and daddy Walton to rip off the Wal-Mart work force in the first place and the children won’t have a multi-billion dollar fortune to inherit.

What I admire about OWS is that they question the underpinnings of our supposedly competitive free market. As I’ve heard so often, they nail big business for internalizing profits and externalizing costs. When a Walmart employe goes to the ER for medical treatment or signs up for foodstamps, taxpayers pick up the bill.

I can not fathom the arrogance and selfishness it takes to know that you have more money than you can ever use because of work your parents/grandparents mostly did, but the people your company employs are all so broke they qualify for gov’t assistance.

My side is winning-capitalism only works for a few.

2012 the year of taxing the rich.

The comments were cut/paste from alternate comment section.

Kevin2

Gary2

Just as you can’t use Cuba as the standard for socialism when Norway and Sweden are bypassed to make a case one cannot say capitalism is a failure.

Damn near every invention was made in the US or at least in a capitalistic nation. The likes of Steve Jobs created a revolution and yes created wealth. Wealth is not a complete zero sum game. It can and fortunately has been created in the US.

When one has assets (homes, things) they must be protected. In fairness the rich for that reason need to pay more. That US military is expensive, it protects your stuff so pay up. If one makes the argument that it inhibits free enterprise and we will all suffer then why did the US boom in the 1950s and 60s when taxes on “the rich” were much higher? More often when they spend they will buy a good made outside of the US therefore that argument of old no longer applies either.

Capitalism works it just needs to be sufficiently regulated. The Sherman Anti Trust Act and Glass-Stegall (I morn it’s passing) are prime examples.

I see too much polarization. There is some middle ground.

http://www.planorperish.com Gutter Economist

America Is No Longer A Wealthy Nation and…

AMERICA IS NO LONGER OWNED BY AMERICANS

So-called “conservatives” and “flat world” globalists have bankrupted our nation for their own bag of silver, and in the process are selling off America.

They truly believe that a “New World Order” with multinational corporations in charge instead of sovereign governments will be the answer to the problem of world instability. And therefore they must do away with quaint things like unions, a healthy middle class, and, ultimately, democracy.

US Government statistics indicate the following percentages of foreign ownership of American industry:

Because our so-called “free trade” policies have left us with an over $700 billion annual trade deficit, other countries are sitting on huge piles of the dollars we gave them to buy their stuff (via Wal-Mart and other “low cost” retailers). But we no longer manufacture anything they want to buy with those dollars.

So instead of buying our manufactured goods, they are doing what we used to do with Third World nations – they are buying us, the USA, chunk by chunk. In particular, they want to buy things in America that will continue to produce profits, and then to take those profits overseas where they’re invested to make other nations strong. The “things” they’re buying are, by and large, corporations, utilities, and natural resources.

Back in the pre-Reagan days, American companies made profits that were distributed among Americans. They used their profits to build more factories, or diversify into other businesses. The profits stayed in America.

Curtis

There’s no chart showing America’s military, which is one of the biggest factors in the global economy.

Thiagarajan TVS

You write so much about your country but you dont know yourself how much of sins your country has committed. How does it matter how much wealth you have if you dont respect the lives of citizens of other nation.In the name
of WMD, you have killed thousands of civilians.
You think you have the right to do so, but you
failed to read the Bible and the Supreme Commander who oversaw all your wicked acts.

Have you ever studied carefully the natural
calamities in your country and in other countries as well? have you ever studied why
so many earthquakes take place, latest being
in Mexico and Japan today? Have you ever studied why there will food shortage in the world? Have you ever studied why EU nations are
going through financial crisis? We can not
comprehend the role of Universe on the life of
humanity? Our education is very poor in this regard. For all the sins we have committed, we will all be drien to the wall.

For the humanity

Thiagarajan TVS

You dont seem to know yourself that God spoke
to an American author for many years and informed that earth will undergo a dramatic
change. People are not easily malleable unless
they go through hardships of cripplign nature.

You dont seem to read books written by your own
authors. The best remedy in the hour of crisis
all over the world is MEDITATION. Once three
percent of critical mass reaches in this regard,
thigs on earth will change faster. Pl do not
forget that God is overseeing everything. We must also remember and educate ourself that the
whole crisis we witness in the world is Universe-engineered. Did you ever read the
effects of Pluto trasiting in Capricorn ever
since 2008. Pluto is going to stay in Capricorn
till 2023. It is Pluto which is unearthing all
scandals all over the world.

No race will be superior in future. No nation
can dictate terms to the other in future. No nation can police the other nation. It is all going to end. We need to remind ourselves that
we are all inter-dependent in this world.

You need to do some research thoroughly how
America became rich.

DJ De Luca

To Gary2…Where did you learn math? If you took the entire 7.9 trillion from the richest Americans how would it even begin to deal with a 211 trillion fiscal gap? How would it do anything other than wipe out the few employers we have left? And, oh…….a word about Walmart..They are employing some very greatful folks who can’t find jobs anywhere else and at least I can afford to buy my groceries there….this week…… while my dollar is still worth about 20 cents.

Gary2

211 Trillion???where do you get the numbers? Fox news?

DJ De Luca

PS…..Socialism? It worked for Hitler, Stalin and Castro.

MrNibbles

I believe you meant to say fascism and communism, but that aside, in some situations a socialistic approach is more economical and effective than any other. Just saying socialism is bad because Hitler!! is a really, really stupid argument.

Is Corzine Hiding the fact of what happened to the MF Global Money with this Loophole ? Is this loop hole in the 2005 Bankruptcy and Consumer protection reform law helping Pelosi and Boehner make a killing off insider trading too like 60 minutes reported like when small banks fail their assets and cash accounts are swallowed up by the Too big to Fail banks that hold derivatives , and these 2 Big too Fail banks stock prices rise with this and so does Pelosi and Boehner or whoever else in Congress is positioning themselves in these trade with this Knowledge of how this 2005 Bankruptcy law works ?http://market-ticker.org/akcs-www?post=198650

The Collapse of Communism: The Untold Story about why we might be seeing a failing Free Enterprise system and Liberty in the USA .

Cool! The Chinese say “may you live in interesting times”, but I never thought I would actually see them! Now, to see if global warming raises sea levels 500 meters (or some near amount) and whether there is an environmental collapse with massive desertification! Maybe massive volcanoes too (like in Permian extinction)!

Kevin2

Then again a likely scam to increase the cost of fuel in the developed world to facilitate industrialization of the developing world. The treaties proposed to combat global warming by reducing carbon fuel specifically exempted the developing world.

Mighty fishy. The plan dove tail fits the policy of globalization.

J.C.Vaughan

PS – we are going to get thru all of this, we are just going to be damned uncomfortable doing it. And it IS better than the horrible inquisition witch hunts and black plague of the middle ages, so do not despair!

VilePig

Someone wrote, “There’s no chart showing America’s military, which is one of the biggest factors in the global economy.” The military is financed by money taken from others and it produces death and destruction. Spending money on the military is one of the least productive uses for it.

Orange Jean

Michael,
I feel like I owe you and some of your readers an apology. I naively assumed that what was written about S. 1867 in the official Senate website was a compromise being negotiated to take out some of the more offensive language (re: applies to citizens) which some people had strong objections to. Seems like I was wrong! Makes me feel like we’re living in an insane asylum.

I saw a presentation in which the presenter shows month by month for an entire year, how much debt could be paid off, starting with every single dime of ever single individual, ever coorporation, ever single entity in this country. It would not in an entire year make a noticeable dent in it.

Peter

There is only one way to get rid of these debts … Hyperinflation for one or two years.

Let it be fast and quick so that we can start over again.

Peter

Did we pay off the Vietnam war debts already?

Germany finished last year to pay off its WWI debt.

jeff

what happened to our society?
where did we go wrong?
why is this happening to us?
I’m scared for everyone in america because
are very foundation is crumbling under our very feet and we only have ourselves to blame.

i wish everyone the very best
i pray that we will return to time where the consitituion matters and we stand united as we the people.